Mom died leaving the house to her two girls. One wants to sell the house the other wants to live in the house. What to do?
Everything is a 50/50 split. Who has the last say so on how to handle the problem? One sister is moving in her ex husband the other doesn't want anyone else living in the home except the immediate family.
Spicey571, the girls need to get a licensed Appraiser to give them the value of the house. Then the sister who wants to keep the house can buy out the other sister's share, such as Jeanne above had mentioned.
Otherwise, you would become 1/2 of a landlord for your sister's ex-husband. And ex-husband should be required to pay the going rate for rent. And that could lead to another disagreement.
It is tough when a parent feels they are doing the right thing to leave the house to the children, not realizing what complications would happen after the fact. Real estate Agents usually are tearing their hair out with such listings..... a good offer could come in, and one of the siblings usually will dig in his/her feet saying the contract price is too low. Or the contract price is agreed upon, but there are items on the home inspection that need fixing, again siblings can't agree on what to repair.... [sigh]
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Otherwise, you would become 1/2 of a landlord for your sister's ex-husband. And ex-husband should be required to pay the going rate for rent. And that could lead to another disagreement.
It is tough when a parent feels they are doing the right thing to leave the house to the children, not realizing what complications would happen after the fact. Real estate Agents usually are tearing their hair out with such listings..... a good offer could come in, and one of the siblings usually will dig in his/her feet saying the contract price is too low. Or the contract price is agreed upon, but there are items on the home inspection that need fixing, again siblings can't agree on what to repair.... [sigh]
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Otherwise the only way to split the house is to sell it and split the proceeds.